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US unemployment rate Illinois counties by GDP in 2021 (chained 2012 US$) The economy of Illinois is the fifth largest by GDP in the United States and one of the most diversified economies in the world. [ 7 ]
Recovery from the recession began relatively quickly, with the recession only lasting one quarter according to the NBER. As of 2022, the unemployment rate reached its pre-pandemic levels - nevertheless, in many key aspects and industries, the U.S. economy has not completely recovered from the COVID-19 pandemic.
The COVID-19 pandemic led to a massive drop in persons in the labor force. According to Pew Research Center, from February 2020 to February 2021 an estimated 4.2 million people left the labor force because of COVID-19, 2.4 million of which were women. [47] [48] As a result, women's participation in the labor force was at a 30-year low. [49]
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An economist with the St. Louis Fed is projecting coronavirus could cost 47 million Americans their jobs, resulting in a 32.1 percent unemployment rate, eclipsing even St. Louis Fed President ...
A rough comparison of September 2014 (when the unemployment rate was 5.9%) versus October 2009 (when the unemployment rate peaked at 10.0%) helps illustrate the analytical challenge. The civilian population increased by roughly 10 million during that time, with the labor force increasing by about 2 million and those not in the labor force ...
The number of Americans forced out of work by the coronavirus pandemic has continued to climb, with another 4.4 million workers filing for unemployment benefits last week. The latest figure ...